Currently ETH is in a deep correction in the long term. Nevertheless, it is the best-performing high-cap coin in recent times. The upcoming upgrade of the network to Proof of stake. However, the market price is currently ahead of the key price resistance.
In the chart below, we can see that since the ATH was reached, the market price continued to bullish flag down. Currently, this price has reached the level again resistance of this flag, which represents a key zone where the further long-term direction of the price will be decided either in correction or growing trend.
ETH at key resistance
It appears to be the first contact with this area resistance is negative and the price does not yet indicate a breakout. In the event of the creation of a corrective leg, we will primarily monitor the position of the next local minimum, which should be created higher than the last one below 900 dollars.
We follow the support areas in this scenario on the zone $1,700 and $1,400. A retreating indicator is also negative volumes during an uptrend in the spot price. it seems that buyers lose power and ETH will have to wait for the macro trend to change.
Do you like this article? We publish daily the latest information (not only) from the world of cryptocurrencies. Follow us also on Twitter and don’t miss new articles.